Delhi-NCR retail leasing hit record 3.1M sq ft in 2024, resurfacing year-old data as vacancy fell and rents climbed
Resurfacing a 2024 report: Delhi-NCR retail leasing rose 7% YoY to 3.1M sq ft that year while vacancy dropped to 8.3% from 9%. Noida and Gurugram led with 12-15% leasing surges, backed by Jewar Airport infrastructure. The region was set to hold 66% of India's retail development pipeline, with 27M+ sq ft planned through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancy and rising rents. Noida and Gurugram lead, backed by infrastructure like
Key facts
- retail leasing up 7% YoY to 3.1M sq ft
- vacancy fell to 8.3% from 9%
- South Ext rentals ₹800-1,000/sq ft
- Golf Course Road rentals >₹300/sq ft
- Noida/Gurugram leasing surged 12-15%
- consumer spending up 12% YoY
- 29 land deals over 313 acres FY23-24
- 27M+ sq ft planned 2024-2028 (66% of major-city development)
Why this matters
The Jewar Airport-backed 12-15% leasing surge in Noida and Gurugram makes these submarkets high-priority targets for site acquisition and JV partnerships ahead of the 2028 pipeline wave.
What to watch
- Quarterly vacancy trend — reversal above 9% signals supply overhang
- Jewar Airport construction milestones and connectivity timelines
- Mall completion volumes vs net absorption each half-year
- Prime vs secondary rent spread widening
- Consumer discretionary spending and retail sales data for NCR
- New leasing mix (brand-led vs speculative) in 2025 filings
- Institutional developers accelerate pre-leasing and mall completions to lock tenants before supply peaks
- National F&B, fashion, and multiplex brands expand footprints into Noida/Gurugram catchments ahead of Jewar Airport
- Landlords shift from revenue-share to fixed-plus-escalation leases while occupancy is tight
- Retail REITs and PE funds scout NCR grade-A assets for yield plays
- Anchor retailers negotiate long tenures at pre-airport rates